Greater Toronto Area’s (GTA) real estate market had another record-breaking month in October, even as COVID-19 cases forced new shutdowns.
The Toronto Regional Real Estate Board says 10,563 homes were sold during the month, which is 25.1 per cent more than October 2019.
The so-called urban exodus continued with 3,514 sales in the City of Toronto compared to 7,049 for the rest of the GTA.
There’s a clear difference when it comes to housing types. Sales are well ahead of listings for detached homes. But condo apartment listings have doubled since last year, while sales are up only 2.2 per cent, leading to a decline in rents.
“In the condo segment, Right at Home’s data also showed a slowdown in sales and rentals as well as a spike in condo listings in the past month as we continue to see Canadians who live in the downtown core seek more space, particularly in suburban and periphery markets,” John Lusink, president of Right at Home Realty, told Yahoo Finance Canada.
Condo apartments in the City of Toronto were the only type of home that saw sales fall (-8.5 per cent). The average selling price was also the weakest (0.8 per cent), pointing to a shift out of lower priced micro-condos.
“Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighbourhoods. In contrast, condo buyers have benefitted from much more choice compared to last year,” said Lisa Patel, TRREB’s president.
“Pre-COVID polling had already pointed to an increase in investor selling in 2020. The pandemic only added to this trend with a stall in economic growth and a halt to tourism impacting cash flows for many investors.”
Stronger sales for higher priced homes pushed the average selling price across all home types up 13.7 per cent to $968,318.